Elliot's Impulse waves.(Part-5)
IMPULSE WAVES :- The Basics Waves that move the market in the direction of its main trend either up or down are called Impulse waves. 1....
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5010-5039 supply zone proved a ST resistance. 5002 proved a break down point. 4945 to 4982 proved a corrective rise, monitored with an ...
68 comments:
Dear Ilango Sir:
Can we SELL Nifty here at 5168 with day high as SL?
SIL
@Illango
I am new to trading options can i Take 5200PE JUN when nifty is trading around 5170-5180 and hold for one day positionally for TGT of 5120 5100 Please Advice
Nivas
@ Suchislife,
You may get 5170-5180 and that would be a low risk sell trade.
Thanks Ilango sir..
will wait for it as suggested..
SIL
@ Nivas,
I do not suggest Options trading till the last week of the series unless there is a double divergence in daily & Hourly to make a safe trade.
5180-5215 is a strong resistance, no doubt.I have given you the TA set up.
going up going up going up going up going up
that's move i like it
that's move i like it
so 4950 going to be a base for 1 or 2 months
so people try to go long
dont't give reason for short upto 4950(daily/weekly time frame)
go long go long go long
Hi Ilango,
Is it a good time now around 5175 to short
RATAN DADA coming out of slumber ?
ilango sir,
can conservative short be taken at 9550 for Bank Nifty...?
-arpitg345
Good afternoon Ilango Sir and all
==========
Due to my son's IIT counselling work, I was out of station. At present I have no positions in Nifty Future. Please advice me what to do.
Thank you
==========
@ Hero,
The morning sell had a Technical back up- a negative divergence.
Now the daily momentum is taking it up. I am not confident of a sell here except that it is at a known resistance.
Hai everyone
Nifty broke out of todays range. Charts updated
http://niftychartsandpatterns.blogspot.com/2010/06/nifty-5-minutes-chart-support-and.html
thank you
Added 10 more lots of 5200 PE at 71.5, average of 20 lots 78. Good luck
People all here asking for short, in higher time frame
came to buy side, in uptrend wait for support
to go long, in downtrend wait for resistance to go short
(keep in mind big player plays in higher time frame)
@ arpit,
There is no Hourly -ve div to take such a position in BN.
@ Prabhakar,
Welcome back. Hope your IIT work went well.
Nifty has climbed up from 4967 to 5187 quite swiftly. You should wait for a correction to see whether to buy the dip or sell the rise.
We are biased on the long side.
Thank you very much Ilango Sir for your suggestion. I will wait for your advice.
Dear Ilango sir:
I have not taken Short position after reading your response to HERO; Will wait to BUY nifty on dip if suggested;
Thanks
SIL
@sethu
What about your gut feeling of 5120
Hi Everybody!
Nifty showing strong intraday momentum, Monthly high 5EMA @5212 looks resistance now. Its better to buy in dips, rather trying to short bcoz trend is up.
Rgrds,
KUMAR
Hi dear sir ilango,
in nifty and bank nifty exel sheet " hr. f.macd" give
negative divergance so we can sell the positional
with ns 5215 sl ? plz give yr suggestion
regards,
alpesh
Hi Ilango, isn't there a negative divergence on the 14RSI and 9 RSI?
Also the range break out should come to 5190 ( 5090 - 5140).
So are we close to the target of this breakout?
sir i had short nifty at 5180 can i put sl of 5205 and pls sugest
me tgt
prabhakar,
ur son cracked iit!!!
In my opinion, there is always a false breakout on the upside before any big downside move. So please be cautious.
Thank you Piyush sharda. Waiting for counselling result
@ prabhakar,
that is too good ur son has done u so proud.
maybe 1 in 200 or more is selceted r selected.
congrats.
that calls for a celebration
@IITian,
Please provide some stats on why you think there is a big downsize move. The uptrend channel seems to be established clearly. I agree there are resistances on the way but so does any trend. So please provide some data on why you think a downtrend is coming.
-- gd
@ps
10000 out of 472000
Thank you Piyush Sharda
@Piyush
We will ask Nifty to come down once so that Prabhakar will buy and he will celebrate :)
@ GG,
There is a negative div in 9 hr rsi but not in 14-rsi.
It is at the resistances 5185-5215. Any sell here would be of an aggressive nature and the risk-reward will be accordingly.
@ Soha,
The last spot high is 5213. Hence, the resistance point was 5215.
Dear @IITian,
All moving averages are bullishily alligned then why u r not believing on this upmove. Do not try to fight with market, as og now no strong sell signal on charts so pls be cautious in ur bearish view again.
Rgrds,
KUMAR
That's correct Mr.Babu
@sethu,
i waited for 5120 also. Oh well, another day.
-- gd
@manojag sir that just means 1 in 50.
@babu,
he must already be getting gifts from coaching institutes
to vouch for them. so celebration anyway
Sir, is this the wave C in the daily?
For BTST - as per price at 3 pm (NS+70).
Scrip Name Target
ABB 889.32
ACC 874.92
AXISBANK 1287.21
BPCL 573.40
CAIRN 311.42
GAIL 467.71
GUJAMBUJA 117.97
HCLTECH 389.13
HDFC 2886.09
HDFCBANK 2003.13
HINDALCO 148.12
ICICIBANK 873.86
INFOSYS 2772.38
ITC 289.73
L&T 1733.26
M&M 625.64
MARUTIUD 1379.30
NALCO 431.64
ONGC 1226.17
RANBAXY 447.66
REL 1193.36
RELCAP 737.47
RELICOMM 185.18
RIL 1083.20
RPOWER 168.76
SAIL 205.98
SBI 2392.26
SIEMENS 738.30
STERLITE 669.97
SUNPHARM 1720.46
TATAPOW 1274.06
TCSCONS 787.03
TISCO 497.86
WIPRO 684.37
Raider : Volume support is missing in most counters (less than 80% of 5/14/30 day avg).
BTST as per Price @ 3pm (NS+70).
Caution : Volume support is in complete (<80% of 5/14/30 day avg).
Scrip Name Target
ABB 889.32
ACC 874.92
AXISBANK 1287.21
BPCL 573.40
CAIRN 311.42
GAIL 467.71
GUJAMBUJA 117.97
HCLTECH 389.13
HDFC 2886.09
HDFCBANK 2003.13
HINDALCO 148.12
ICICIBANK 873.86
INFOSYS 2772.38
ITC 289.73
L&T 1733.26
M&M 625.64
MARUTIUD 1379.30
NALCO 431.64
ONGC 1226.17
RANBAXY 447.66
REL 1193.36
RELCAP 737.47
RELICOMM 185.18
RIL 1083.20
RPOWER 168.76
SAIL 205.98
SBI 2392.26
SIEMENS 738.30
STERLITE 669.97
SUNPHARM 1720.46
TATAPOW 1274.06
TCSCONS 787.03
TISCO 497.86
WIPRO 684.37
somebody tell Sushil Kedia he owes me some money
Sorry. Got error msg in the first post - hence re-posted.
@ Prashant,
Yes. It is.
nifty 4600 by tuesday
Sushil Kedia u r the man. bwaaaaaaaaa
ILANGO SIR,
are we holding longs for tomorow...pl guide
2 cents...
People who wanted to go short today intraday ( which includes me ). You had to go against -
* FIIs who are net long futures
* Rollover short covering
* Retail who are late to this runup
* the 10L PEs added at 5100
* Europe/Asia up 1-1.5%
The -ve divs seem to help only when sentiment and momentum are in your favor also.
-- gd
strong addition in 5100 puts...total 67L...18L added today...on the upside not much clues...with not much change in 5200 and 5300 calls OI...at 72L and 70L
sir can i carry short for tommorow pls advice
@Elango Sir
Shall I buy Nifty June Fut and
Short Nifty July same time. 5202
Watch the following please. Indicate something special in movement.
HCLTECH
INFOSYS
REL
RELCAP
TCSCONS
HDFCBANK
L&T
(Breaking with volumes?)
hi sir ilango,
c wave almost tgt 5200-5218 come today so now i can
sell nifty here at this level so which sl come ?
regards,
alpesh
@gd
add my one more cent
run up has continued for 3 days with 2 gaps.
shudnt it give up something??
Then it should not go far beyond 5200.
the 62.8% retracement of the move from 5399 to 4787
is in the region of 5200-5210
The fall consumed 33 trading sessions
This retracement is 14 sessions old
A Faster retracement timewise would suggest bullishness
If this is a trend-reversal, nifty should soon
move past 5220
@ Soha,
That would be a high risk trade. The daily TA is up & strong.
@ gd,
The short trade based on 5-min time frame is fine but the problem is "refusal to reverse the trade" and mixing up the time frames.
Ps
do consider the chart posted in pre;market view..
S& p..may be another gap..or consolidation..
advance tax no.s are good frm 2mmrw
Ilango sir,
you mean C of 'B'??
how far it can go?
5270 is the 78.6% of 5400 to 4786
Ilango,
What is your view currently. Short or long here .
If there is a gap up , then what shuld be SL for these shorts ?
Is it better to keep quiet for the moment
Thanks
Shiva
Careful longs, go with SL. Do not be amazed with a sudden rate hike from RBI.
Tips for How to Earn Minimum 30% Profit in One Month
http://sharesonlinecharts.blogspot.com
@ilango sir,
"Refusal to reverse the trade"
Amazing point - so hard for amateur traders to do. For that, one has to have no ego. "I made a trade - how can it go wrong ? OR - sulk at the fact that it is going against u".
I saw the same thing mentioned in the video link I have in my blog on "Market Wizards".
But sir - Easy lesson to learn, hard lesson to follow.
-- gd
Hi Ilango, 'a' was 4 days and 'c' is now 4 days. So it should start
wave 'B'. Also in the resistance area
BUT it's now above High-ema on weekly, daily and hourly basis.So good chance
of a gap-up tomorrow.
So wait on the sidelines instead of initiating shorts?
@ manu thanks,
not taking ant shorts, just thinking that if a better
reentry cud be available in them.
it suggestes 5215.
it cud be exhaustion today anyway
lets see
@ gd,
Well said. And the learning continues.
We need to get back to the main trades.
@ Mr.GG,
That is a wise decision.
Bye Sir.Bye Friends.
@ilango sir,
so still a downtrend in big picture ?
-- gd
@ gd,
My week end analysis points to bullish for medium term. However, certain levels must be kept for the same.
Daily slow macd enters + ve today. Breadth (AD line) which went to negative will move back to +ve. So buy the dips should be the mantra as of now.
In my view, 5210-5220 range is strong resistance area. I think top will be placed here for this upmove which is 61.8% retracement of down move. Also normally first day of week starts in bullish mode and major correction mostly comes on tuesday and wednesday. So most likely scenario that tomorrow we will have a huge correction coming.
Only bullish option would have been if market first shoudl have corrected to 5120 then retrace back to 5200 and above. Why? bcoz now today all shorts have been covered as nifty has broken key resistance at 5160-5180. Tomorrow longs will take profits immediatly after opwning of the market. and there will not be enough buyers.
Lets not forget 80 % of the world indices are trading below their 200 dma.
@IITian,
Possible. But do not discount new buyers, fact that FIIs are long, S&P is pointing up, so in Europe, euro at 1.23, the inverse H&S break points an upside to 5380 etc. We just broke through 5070, 5160-70 resistances. One more area ? Why not ?
-- gd
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